SIC Insurance determined to dominate Insurance sector

SIC Insurance determined to dominate Insurance sector

SIC Insurance Company Limited one of the oldest insurance companies in Ghana, at the weekend, launched an Insurance Penetration Revolution Roadmap, which seeks to increase its market share across all sectors of the economy.

The SIC Insurance Penetration Revolution Roadmap seeks to confront deep rooted hindrances in the sector – low public confidence, coupled with a deep seated mistrust of insurance companies.

Mr Stephen Oduro, SIC Insurance Managing Director, stated at the weekend at Senchi, Eastern Region, that the company as a market leader, seeks to change expectations of the public of insurers, and create greater awareness of how insurance operates elsewhere in the world.

“We are also focusing on increasing level of education with its associated awareness of legal rights, transformed claim payment and make insurance policy documents easy to understand to the general public,” Mr Oduro stated.

He said Ghana’s insurance sector must eliminate all perceived operational obstacles as well as evils that has dented the image of the sector, which continued to breed suspicion in the minds of clients about the insurance industry.

Mr Oduro explained that SIC Insurance has rolled-out transparent mechanism to live by its promises to pay genuine claims promptly; and revamp its structures to ensure that aggrieved policyholder or claimant does not go through cumbersome legal process or avenues for redress.

“It is a common knowledge that majority of those who purchase insurance products do so either because they require some form of protection, or are compelled either by law or other contractual provisions and conditions to buy insurance.

“This form of involuntary buying of a product is what I would like to refer to as “grudge purchase” that is, buying when you would have wished not to buy. “By that I mean all things being equal, people would wish they do not have to purchase insurance, except that they feel compelled by circumstance to act against their wishes, and so they grudgingly purchase insurance for say contractual or to meet regulatory requirements.

“So when their expectations are not met, their level of frustration goes up through the roof. They bad-mouthed all insurers and so provide more fuel to public mistrust of insurance,” the SIC Insurance Managing Director stated.

Mr Oduro said the SIC insurance, being a market leader, admitted that, promoting public trust is a herculean task but not insurmountable, therefore “we have set up effective communication at the point of selling and at the time of claim.

“Increase professionalism in […]

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